Datasets:

imvladikon

/

english_news_weak_ner

like 3

Hana Wins Support of KEB Staff After Takeover, Averting Strike

By Seonjin Cha

2012-02-17T04:43:40Z

http://www.bloomberg.com/news/2012-02-17/hana-wins-support-of-keb-staff-after-takeover-averting-strike.html Hana Financial Group Inc. (086790) won support from employees of Korea Exchange Bank (004940) , the company it bought this month, averting a strike after assuring them it will keep staff and run the lender independently. Hana and the workers’ union at the bank known as KEB agreed to retain the existing wage system, Hana said in a statement today. They may begin discussing a merger between the group’s Hana Bank unit and KEB five years from now, it said. Hana last week completed its 4.4 trillion won ($3.9 billion) acquisition from Lone Star Funds and Export Import Bank of Korea , after the deal had been delayed for more than a year by legal disputes, regulatory hurdles and opposition by KEB workers. Today’s agreement should allow Hana Chairman Kim Seung Yu to achieve a smooth integration, according to Daishin Securities Co. “It’s positive in that they avoided the worst-case scenario

2

17

e5eebd7b73a543fbc7f175ff2e70e80ec27b265d

based analyst at Daishin. “Early normalization of businesses is good for Hana and KEB.” KEB workers had been asking Hana for guarantees of job security and independent management of the bank, threatening action including a strike if their demands weren’t met by today. “KEB’s fine human resources is one of the biggest reasons why we wanted the bank and we need them to make Hana a globally competitive financial company,” Kim told reporters today. “While keeping the two banks separate, we’ll continue to look for ways to create synergy and cooperation between Hana Bank and KEB.” Shares of Hana rose 1.1 percent to 41,450 won at 1:30 p.m. in Seoul trading and KEB gained 1.9 percent to 8,160 won. The benchmark Kospi index advanced 1.5 percent. Hana may consider increasing its stake in KEB in the future, Kim said, while adding that there are no immediate plans to do so. He said he will step down as chairman once his term ends in March and asked the company’s internal committee to look for a replacement. To contact the reporters on this story: Seonjin Cha in Seoul at scha2@bloomberg.net To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

2012

ana-wins-support-of-keb-staff-after-takeover-averting-strike

Lehman Creditors Seek Geithner Testimony in JPMorgan Lawsuit

By Linda Sandler

2012-02-17T13:57:35Z

http://www.bloomberg.com/news/2012-02-17/lehman-creditors-seek-geithner-testimony-in-jpmorgan-lawsuit.html

2

17

040b5ad60b8a38e4ad8faa91b5614ee8a695e277

Lehman Brothers Holdings Inc. (LEHMQ) creditors are trying to compel U.S. Treasury Secretary Timothy Geithner to testify in the defunct firm’s lawsuit against JPMorgan Chase & Co. (JPM) , which alleges the bank siphoned $8.6 billion out of Lehman in the credit crisis, helping to cause its collapse, according to a filing in U.S. District Court in Washington. To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

2012

ehman-creditors-seek-geithner-testimony-in-jpmorgan-lawsui

Latvia’s Russian Speakers Seek Local Support in Language Vote

By Aaron Eglitis

2012-02-17T05:00:00Z

http://www.bloomberg.com/news/2012-02-17/latvia-s-russian-speakers-seek-local-support-in-language-vote.html

2

17

055e183595d34c465b7644f1a5647c54079d21b6

Latvians vote tomorrow on whether to make Russian a second official language, in a referendum that needs the support of more than 350,000 of the Baltic nation’s non-Russian speakers to pass. Half of Latvia ’s 1.5 million voters must back the initiative, which was proposed by the Dzimta Valoda movement that promotes the use of Russian. Polling will take place from 7:00 a.m. to 10:00 p.m. in 1,350 precincts, with the Central Election Commission to release preliminary results throughout the day. A party that appeals to the country’s Russian minority won the most votes at snap parliamentary elections in September. Still, it was excluded from the ruling coalition, which formed a majority government the following month and includes a Latvian nationalist party. Latvia has about 413,000 citizens who are ethnic Russian, Belarusian and Ukrainian, according to the Office of Citizenship and Migration Affairs . Latvians will probably reject the language proposal and Russian speakers number too few to approve it on their own, Nils Muiznieks , a political scientist at the University of Latvia, said yesterday by phone. The referendum “touches an old psychological wound among Latvians who were traumatized by Soviet language policy, which basically granted a privileged status for Russian,” he said. Soviet Rule Latvia regained independence from the Soviet Union in 1991. Most native Russian speakers were settled in the country by the Soviet leadership after World War II, replacing Latvians who died during Nazi and Soviet occupation, were deported, or fled to the West. The Russian community is about 600,000, many of whom haven’t been granted citizenship. Harmony Center, which has never been represented in government, won 31 of the legislature’s 100 seats in September’s election. Former President Valdis Zatlers’s party took 22, Unity received 20 and the nationalist National Alliance got 14. Those three teamed up on Oct. 25 to form a coalition government that shut out Harmony. Leaving Harmony out “generated a lot of disappointment, alienation and anger,” said Muiznieks, who will take over as the Council of Europe ’s Human Rights Commissioner in April. He plans to vote against installing Russian as a second language. The referendum was triggered following a petition by Dzimta Valoda’s Vladimir Linderman, a former member of Russia ’s National Bolshevik party, who garnered tens of thousands of signatures in a petition. To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

2012

atvia-s-russian-speakers-seek-local-support-in-language-vote

Prudential Financial to Develop South Carolina Apartments

By Andrea Ludtke

2012-02-17T15:14:46Z

http://www.bloomberg.com/news/2012-02-17/prudential-financial-to-develop-south-carolina-apartments.html

2

17

a8b27891c0706d2e2159d844e03b9f8081c4ba2e

Prudential Financial Inc. (PRU) , the second-largest U.S. life insurer, said its real estate investment business will develop a luxury apartment project in Charleston, South Carolina on behalf of German investors. Prudential Real Estate Investors and Greystar have formed a venture to develop the 200-unit, mid-rise facility, the Newark , New Jersey-based company said today in a statement distributed by Business Wire . To contact the reporter on this story: Andrea Ludtke in New York at aludtke@bloomberg.net To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

2012

prudential-financial-to-develop-south-carolina-apartments

U.S. January Leading Economic Indicators (Text)

By Editor: Alex Tanzi

2012-02-17T15:07:34Z

http://www.bloomberg.com/news/2012-02-17/u-s-january-leading-economic-indicators-text-.html Following is the text of the U.S. leading economic indicators from the Conference Board. The Conference Board Leading Economic Index for the U.S. increased 0.4 percent in January to 94.9 (2004 = 100), following a 0.5 percent increase in December and a 0.3 percent increase in November. Said Ataman Ozyildirim , economist at The Conference Board: “This fourth consecutive gain in the LEI reflected fairly widespread strength among its components, pointing to somewhat more positive economic conditions in early 2012. The LEI’s increase in January was led not only by improving financial and credit indicators, but also rising average workweek in manufacturing. These both offset consumers’ outlook about the economy, which remained pessimistic, though slightly less so. Meanwhile, the CEI rose again in January as employment, income, and sales data all point to improving current economic conditions despite a lack of contribution from industrial production.” Added Ken Goldstein , economist at The Conference Board: “Recent data reflect an economy that started the year on a positive note. The CEI shows some small signs of economic strengthening in the fourth quarter and continued to point in this direction in January. The LEI suggests these conditions will continue and could possibly even pick up this spring and summer.” The Conference Board Coincident Economic Index for the U.S. increased 0.2 percent in January to 103.5 (2004 = 100), following a 0.3 percent increase in December and no change in November. The Conference Board Lagging Economic Index increased 0.4 percent in January to 113.8 (2004 = 100), following a 0.3 percent increase in December and a 0.3 percent increase in November. *** Annual Benchmark Revisions *** January 26, 2012 release The Conference Board Leading Economic Index for The United States incorporates annual benchmark revisions to the composite indexes. These regular benchmark revisions bring the indexes up- to-date with revisions in the source data. The revisions do not change the cyclical properties of the indexes. The indexes are updated throughout the year, but only for the previous six months. Data revisions that fall outside of the moving six-month window are incorporated when the benchmark revision is made and the entire histories of the indexes are recomputed. As a result, the revised indexes and their month-over-month changes will no longer be directly comparable to those issued prior to the benchmark revision. The entire history of the indexes from 1959 to present has been revised. Comprehensive Benchmark Revisions In addition to these regular annual revisions, The Conference Board implemented a comprehensive revision of The Conference Board Leading Economic Index for the United States effective with the January 26, 2012 release. The last time the LEI had comprehensive revisions was in 1996 after The Conference Board received the responsibility for the LEI and the Business Cycle Indicators program from the Bureau of Economic Analysis at the U.S. Department of Commerce. These comprehensive revisions are the result of an extensive reevaluation of existing components of The Conference Board Leading Economic Index for the United States. Following discussions with the Business Cycle Indicators Advisory Panel and other experts, The Conference Board has decided to replace three of the ten components and make a minor adjustment to another component. The composition changes reflected in the new LEI address structural changes that have occurred in the U.S. economy in the last several decades. The upcoming changes in the LEI composition include: 1) incorporating the new Leading Credit Index and omitting the real money supply (M2) component starting in 1990 (real M2 remains in the index before 1990); 2) replacing the ISM Supplier Delivery Index with the ISM New Orders Index; 3) replacing the Reuters/ University of Michigan Consumer Expectations Index with an equally weighted average of consumer expectations of business and economic conditions using questions from Surveys of Consumers conducted by Reuters/University of Michigan and Consumer Confidence Survey by The Conference Board (after 1978, Reuters/University of Michigan Consumer Expectations Index remains in the index before 1978 ); and 4) replacing “New Orders for (nondefense) Capital Goods” with “New Orders for (nondefense) Capital Goods excluding Aircraft.” In addition to these major changes to the composition, The Conference Board has implemented changes in the methodology and procedures used in the calculation process. These modifications are: 1) normalized levels of the indicator rather than its monthly changes will be used to calculate the component contributions of components based on diffusion indexes such as the ISM New Orders Index; 2) when component data are missing, autoregressions in log differences instead of levels will be used to calculate the statistical imputation of the missing months; 3) trend adjustment will be done in two periods: 1959-1983 and 1984-2010 (same as the volatility adjustment); and 4) LCI contributions to the LEI are calculated from its levels (not monthly changes) and it is inverted As a result of these changes, the history of the revised indexes and their month-over-month changes will no longer be directly comparable to those issued prior to the comprehensive benchmark revision. Based on its performance since 1990, and especially before and during the 2008-2009 recession, the new LEI should provide more accurate predictions of business cycle peaks and troughs. Leading Credit Index Financial indicators such as yield curves and stock prices have been extensively used as leading indicators of economic activity due to their forward looking content. The coverage of financial and credit market activity can be improved to account for some of the structural changes in the U.S. economy (especially in financial markets). Over the past three decades, many new financial indicators, such as interest rate swaps, credit default swaps, certain corporate-treasury spreads, the Federal Reserve ’s senior loan officer survey, etc. have become available, but, since most of these new indicators have not been available for a long enough period, very little research has been conducted to evaluate their usefulness as leading indicators. The Conference Board research indicates that several of these financial indicators rank highly according to their ability to predict recessions (i.e. peaks and troughs in the business cycle). These financial indicators have been aggregated into a single composite index, named the Leading Credit Index, and incorporated as a component in the revised LEI, replacing real money supply (M2). The new Leading Credit Index differs from others in the literature in that it consists of a small, carefully selected set of component indicators that specifically target business cycle turning points rather than financial stress or instability. About The Conference Board Leading Economic Index for the U.S. The composite economic indexes are the key elements in an analytic system designed to signal peaks and troughs in the business cycle. The leading, coincident, and lagging economic indexes are essentially composite averages of several individual leading, coincident, or lagging indicators. They are constructed to summarize and reveal common turning point patterns in economic data in a clearer and more convincing manner than any individual component

2

17

2523b5c6da635a2dae43c0b674e0981a12b69259

of the volatility of individual components. The ten components of The Conference Board Leading Economic Index for the U.S. include: Average weekly hours, manufacturing Average weekly initial claims for unemployment insurance Manufacturers’ new orders, consumer goods and materials ISM Index of New Orders Manufacturers’ new orders, nondefense capital goods excluding aircraft orders Building permits, new private housing units Stock prices, 500 common stocks Leading Credit Index Interest rate spread, 10-year Treasury bonds less federal funds Average consumer expectations for business and economic conditions The next release is scheduled for Thursday, March 22, 2012 at 10 A.M. ET SOURCE: The Conference Board

2012

u-s-january-leading-economic-indicators-text-

Cattle Futures Rise to Record, Hogs Climb: Commodities at Close

By Christian Schmollinger

2012-02-17T10:36:53Z

http://www.bloomberg.com/news/2012-02-17/cattle-futures-rise-to-record-hogs-climb-commodities-at-close.html

2

17

c328e77ddf9943b59380588ce68f936c

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.2 percent to 687.48 at 6:34 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 0.02 percent to 1,611.441. CRUDE OIL Oil rose for a third day as signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand. Crude for March delivery rose as much as 64 cents to $102.95 a barrel on the New York Mercantile Exchange and was at $102.84 at 4:01 p.m. Singapore time. Prices yesterday rose 51 cents, or 0.5 percent, to $102.31, the highest close since Jan. 4. They are up 4.2 percent this week, the most since the period ended Dec. 23, and have gained 19 percent from a year ago. NATURAL GAS OIL PRODUCTS The premium of gasoil, or diesel, to Asian marker Dubai crude fell $1.59 to $15.19 a barrel at 12 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of refining profit, is the narrowest since Sept. 15. It has shrunk 15.4 percent so far this week. Gasoil swaps for March were unchanged after declining to $132.60 a barrel, PVM said. Jet fuel was unchanged for a third day at 75 cents a barrel below gasoil. This regrade has been negative since Jan. 16, indicating it is unprofitable to produce aviation fuel over diesel. March high-sulfur fuel oil swaps increased $9.75, or 1.4 percent, to $731 a metric ton, the highest since July 21, 2008, according to PVM. Prices are set for an eighth weekly advance in nine weeks. Fuel oil slid 9 cents to $4.94 a barrel below Dubai crude, the largest discount since Dec. 15, PVM data showed. The difference has widened 70 percent this week, signaling increased losses for refiners turning oil into residual products. March naphtha swaps climbed $12.25, or 1.2 percent, to $1,036 a ton, the highest since May 5, according to PVM. The petrochemical feedstock is poised for a second weekly gain. PRECIOUS METALS Bullion for immediate delivery gained 0.2 percent to $1,732.13 an ounce by 9:36 a.m. in London . Prices are up 0.6 percent this week. Gold for April delivery was 0.3 percent higher at $1,733.70 on the Comex in New York . Silver for immediate delivery was little changed at $33.4925 an ounce. It’s the best-performing precious metal this year, up 20 percent. BASE METALS Copper advanced for the first time in six days as industrial metals gained after better-than-expected economic data from the U.S. spurred optimism that demand may improve in the world’s largest economy. Three-month copper increased as much as 1.4 percent to $8,419.75 a metric ton, and traded at $8,390 by 3:21 p.m. Shanghai time. The contract lost 1.1 percent this week for a second weekly decline. May-delivery copper on the Comex climbed 0.7 percent to $3.8265 a pound. GRAINS, SOFT COMMODITIES Wheat gained as Egypt , the world’s largest buyer, bought U.S. supplies, signaling demand may be shifting away from Russia and other producers. Corn and soybeans also advanced. Wheat for May delivery gained 0.5 percent to $6.3825 a bushel on the Chicago Board of Trade at 2:37 p.m. Singapore time, taking gains for the most-active contract to 1.3 percent this week. Corn for May delivery climbed 0.4 percent to $6.4225 a bushel in Chicago, taking gains for the most-active contract to 1.7 percent this week. months, it said. Soybeans for May-delivery rose 0.5 percent to $12.71 a bushel. The most-active contract is set for a 3.4 percent gain this week, the biggest since the five days ended Oct. 14. Palm oil climbed to the highest level in almost three months as signs of U.S. economic recovery boosted optimism that demand will increase for raw materials. The May-delivery contract rose as much as 2.1 percent to 3,255 ringgit ($1,069) a metric ton on the Malaysia Derivatives Exchange, the highest level since Nov. 21, and was at 3,248 ringgit at 4:16 p.m. in Kuala Lumpur . Futures have risen 3.7 percent this week, the best weekly gain in almost two months. Cattle futures reached a record as rising wholesale prices and forecasts for warmer-than-usual weather indicate increasing demand. Hogs rose to a two-week high. Cattle futures for April delivery gained 0.6 percent to $1.2965 a pound on the Chicago Mercantile Exchange, after reaching $1.30275, the highest for a most-active contract since the commodity started trading in 1964. Prices have gained 6.8 percent in 2012. Feeder-cattle futures for March settlement advanced 0.1 percent to $1.56825 a pound in Chicago, after earlier reaching a record $1.576. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

2012

cattle-futures-rise-to-record-hogs-climb-commodities-at-close

Turkcell Expects 330 Million Liras 4th-Quarter Profit

By Mark Bentley

2012-02-17T17:21:23Z

http://www.bloomberg.com/news/2012-02-17/turkcell-expects-330-million-liras-4th-quarter-profit-correct-.html

2

17

3fa33e4d2602bdb1815ca9b4a55b31806066868f

(Corrects to say 263 million liras estimate for costs at Belarus unit is no longer valid.) Turkcell (TCELL) Group expects consolidated net income of 330 million liras ($188.1 million) in the fourth quarter, said Turkcell Iletisim Hizmetleri AS, the country’s biggest mobile phone company. Previous guidance for currency losses of 263 million liras at Belarus unit BeST is no longer valid, Turkcell said in a filing with the Istanbul Stock Exchange today. Turkcell shares rose 1.7 percent to 9.76 liras at 5:30 p.m. on the exchange today. To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

2012

urkcell-expects-330-million-liras-4th-quarter-profit-correct-

USDA Boxed Beef Cutout Closing Prices for February 17

By Michael Carone

2012-02-17T21:22:43Z

http://www.bloomberg.com/news/2012-02-17/usda-boxed-beef-cutout-closing-prices-for-february-17-table-.html February 17 (Bloomberg)

2

17

9a2d85f2deec4f14a3e93a9cd7d16583

from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

2012

usda-boxed-beef-cutout-closing-prices-for-february-17-table-

China Life Growth in Premiums Slows in First 2 Months

JianguoJiang

2007-03-18T23:33:49Z

http://www.bloomberg.com/news/2007-03-18/china-life-growth-in-premiums-slows-in-first-2-months-update-.html

3

18

530b7b5ccbccdadc88f70b9e576b5b29a50c57b4

China Life Insurance Co., the nation's biggest life insurer, reported growth in premiums slowed to 13 percent in the first two months of the year. China Life posted premium income of 43 billion yuan ($5.6 billion) in the two months ended February 28, it said in a statement to the Shanghai Stock Exchange today. That compares with 37.9 billion yuan a year earlier and growth of 38 percent. Hong Kong-traded shares of the Beijing-based insurer rose 0.7 percent to close at HK$21 on March 16. Its yuan-currency shares jumped 4.1 percent to close at 33.81 yuan. Insurance premiums in China rose 14 percent last year to 564 billion yuan as economic growth spurred sales of investment and protection products. To contact the reporter on this story: Jianguo Jiang in Shanghai at jjiang@bloomberg.net To contact the editor responsible for this story: Tom Kohn at tkohn@bloomberg.net

2007

china-life-growth-in-premiums-slows-in-first-2-months-update-